Section 31A-37-303 - Reinsurance(1)(a) A captive insurance company may cede risks to any insurance company approved by the commissioner.(b) Except as provided in Subsection (1)(c), a captive insurance company may provide reinsurance on risks ceded by any other insurer with prior approval of the commissioner.(c) A captive insurance company may not provide reinsurance on a punitive damages risk ceded by an insurer, unless the punitive damages risk is the risk of the captive insurance company's: (ii) affiliated company; or(iii) controlled unaffiliated business.(2)(a) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers if the captive insurance company complies with:(i) Section 31A-17-404, 31A-17-404.1, 31A-17-404.3, or 31A-17-404.4; or(ii) other requirements as the commissioner may establish by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.(b) Unless the reinsurer is in compliance with Section 31A-17-404, 31A-17-404.1, 31A-17-404.3, or 31A-17-404.4 or a rule adopted under Subsection (2)(a)(ii), a captive insurance company may not take credit for: (i) reserves on risks ceded to a reinsurer; or(ii) portions of risks ceded to a reinsurer.Amended by Chapter 252, 2021 General Session ,§ 42, eff. 5/5/2021.Amended by Chapter 32, 2020 General Session ,§ 51, eff. 5/12/2020.Amended by Chapter 168, 2017 General Session ,§ 63, eff. 5/9/2017.Amended by Chapter 138, 2016 General Session ,§ 39, eff. 5/10/2016.Amended by Chapter 244, 2015 General Session ,§ 44, eff. 5/12/2015.Enacted by Chapter 251, 2003 General Session